EUR/AUD Strict Bullish Wolfe Wave at the Bottom of ATR
|The EUR/AUD has been dropping heavily but at this point the ATR has already been overshot by 9 points (see the top left corner). We could see a counter trend movement in the pair where the trend line 1-3 might be a signal for a potential breakout for the long trade. Have in mind that this is a potential breakout only as point 5 might still extend to the downside. Signal for breakout is the break of 1.4296-98 to the upside and we might see EPA (Estimated Price at Arrival) target hit. EPA confluence with ATR is 1.4340-52. This is a strict Wolfe Wave because point 4 lies between points 1 and 2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.